Soho-based Stadium Goods, the leading premier sneaker and streetwear multi-channel marketplace, has been acquired by London-based, publicly traded Farfetch, the luxury fashion platform in a deal with an enterprise value of $250M in a combination of stock and cash. The final price will be determined based on adjustments and milestones. “The Stadium Goods team has built an incredible company, with a host of talented people, dedicated and loyal customers and remarkable brand equity, said José Neves, Founder, CEO, and Co-Chairman, of Farfetch. “I am confident that we can help Stadium Goods grow its international presence for sneakerheads around the world through our expertise in technology, logistics, and data. Farfetch will benefit from Stadium Goods’ brand, access to supply and a team with a strong passion for and knowledge of luxury streetwear. We can’t wait to get started with John, Jed and the rest of the Stadium Goods team.”
Founded by Jed Stiller and John McPheters in 2015, Stadium Goods has raised a total of $5.6M in funding over two rounds. Backers of the company include Forerunner Ventures, The Chernin Group, SM Ventures, and Mark Cuban. As a part of the acquisition, the Stadium Goods will continue to operate as a standalone brand led by the existing management team. This marks the fourth acquisition for Farfetch, which previously acquired CuriosityChina, Browns, and Style.com.
“Myself, Jed and our entire team couldn’t be more excited to join the Farfetch family as we enter the next stage in our evolution as a global brand and product offering. By leveraging Farfetch’s best-in-class cross-border logistics and technology, as well as their luxury prowess, scale and customer base, we will be in a prime position to capitalize on the massive international demand for sneakers and streetwear. José and his team share a similar outlook for the future of fashion and retail, and together we believe the countless synergies and perfect cultural fit will make this a match made in heaven,” remarked McPheters.
Consolidation in the sneaker aficionado marketplace continues as earlier this year, we reported that NYC-based Flight Club was acquired by GOAT. The premium sportswear market was estimated to be valued at $70B in 2017 according to Bain & Co. Lastly, on a personal note, we are in the same office building as Stadium Goods, where they occupy a number of floors, and the increase in banker-types in the building didn’t go unnoticed. We are happy for Stadium Goods as we have seen the hard work and long hours the team puts in first hand.